Operating Section of Statement of Cash Flows (Indirect Method) Following are the income statement and balance sheet for Medtronic PLC for the year ended April 29, 2019, and a forecasted income statement and balance sheet for 2020.

MEDTRONIC PLC
Income Statement
For Fiscal Year Ended
	April 2019	April 2020
$ millions	Actual	Est.
Net sales	$30,557	$33,002
Costs and expenses
Cost of products sold	9,155	9,901
Research and development expense	2,330	2,508
Selling, general, and administrative expense	10,418	11,254
Amortization of intangible assets	1,764	1,914
Restructuring charges, net	198	149
Certain litigation charges, net	166	150
Other operating expense, net	258	258
Operating profit (loss)	6,268	6,868
Other nonoperating income, net	(373)	(373)
Interest expense	1,444	1,444
Income (loss) before income taxes	5,197	5,797
Income tax provisions	547	870
Net income (loss)	4,650	4,927
Net (income) loss attibutable to noncontrolling interests	(19)	(19)
Net income (loss) attributable to Medtronic	$4,631	$4,908

MEDTRONIC PLC
Balance Sheet
For Fiscal Year Ended
	Apr.29	Apr. 30,
$ millions	2019 Actual	2020 Est.
Current assets
Cash and cash equivalents	$4,393	$7,098
Investments	5,455	5,455
Accounts receivable, net	6,222	6,732
Inventories, net	3,753	4,059
Other current assets	2,144	2,310
Total current assets	21,967	25,654
Property, plant, and equipment, net	4,675	4,988
Goodwill	39,959	39,959
Other intangible assets, net	20,560	18,646
Tax assets	1,519	1,650
Other assets	1,014	1,089
Total assets	$89,694	$91,986

MEDTRONIC PLC
Balance Sheet, Continued
For Fiscal Year Ended
	Apr.29	Apr. 30,
$ millions	2019 Actual	2020 Est.
Current liabilities
Current debt obligations	$838	$2,058
Accounts payable	1,953	2,112
Accrued compensation	2,189	2,376
Accrued income taxes	567	627
Other accrued expenses	2,925	3,168
Total current liabilities	8,472	10,341
Long-term debt	24,486	22,428
Accrued compendation and retirment benefits	1,651	1,651
Accrued income taxes	2,838	3,069
Deferred tax liabilities	1,278	1,386
Other liabilities	757	825
Total liabilities	39,482	39,700
Shareholders' equity
Ordinary shares par value $0.001, 2.6 billion shares authorized,
1,340,697,595 shares issued and outstanding
Additional paid-in capital	26,532	26,532
Retained earnings	26,270	28,325
Accumulated other comprehensive loss	(2,711)	(2,711)
Total shareholders' equity	50,091	52,146
Noncontrolling interests	121	140
Total equity	50,212	52,286
Total liabilities and equity	$89,694	$91,986

Begin with forecasted Net income of $4,927 million and prepare the operating activities section of a forecasted statement of cash flows for April 30, 2020, using the indirect method. Operating expenses (such as cost of sales and selling, general, and administrative expenses) for 2020 include estimated depreciation expense of $953 million. Estimated 2020 retained earnings reflects dividends of $2,853 million.

MEDTRONIC PLC.
Statement of Cash Flows ($ Millions)
Forecasted For Year Ended April 2020
Net income including noncontrolling interest	Answer
Add (Deduct) items to convert net income to cash basis
Depreciation	Answer
AnswerAmortizationInterest expenseNoncontrolling interestsRestructuring charges	Answer
Change in Accounts receivable	Answer
Change in Inventories, net	Answer
Change in Other current assets	Answer
Change in Tax assets	Answer
Change in Other assets	Answer
Change in Accounts payable	Answer
Change in Accrued compensation	Answer
Change in Accrued income taxes	Answer
Change in Other accrued expenses	Answer
Change in Accrued income taxes	Answer
Change in Deferred tax liabilities	Answer
Change in Other liabilities	Answer
Net cash from operating activities	Answer

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